Forex Analysis : GBP/USD

Another recipient of the dieing USD, Sterling could easily hit 1.700 or higher at this rate, with first support now seen at 1.6630 or so.

Trade View

• There really is not much price resistance from current rates until 1.6700 or so, and as is the case with most instruments covered in this report, direction rests firmly with events on the USD, so it goes without saying further dollar death dives will push Sterling to levels not based on fundamental reality.

• There may be an early week dip to 1.6630 or so, and if it fails possibly even to 1.6550 or near, but the time for a USD reversal is not with us yet, and we expect 1.7000 to be hit in the VST.

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